"NOT YET BUT!"

Otago Daily Times, Issue 23202, 28 May 1937, Page 5

"NOT YET BUT!"

THE HOP OF THE BAROMETER

The National Party has/issued the following statement;— "It is to be hoped that the full implication of Mr Nash's statement on the Government's borrowing policy will be understood by New Zealanders. The xable. reports him to haye said that there will be. no internal borrowing yet. 'Yet' is the key word. ' Yet 'means that as soon as the national income drops the screws will be applied, ' Yet', takes into .account that at present the national incohle/m eonsequehqe of the abrtormal price- - wool 'has brought, is higher than ever before in New Zealand. ' Yet' means that by the present orgy in spending the whole of that income, and also, by having increased taxation the try is able to continue not only some of the discarded, wasteful ptiblic works, but also to begin many;new on es. ' Yet', also means that no' provision whatever is being prudently made when the peak prices begin to drop. 'Yet' means that the people already taxed to a painful degree will, as soon as wool prices drop, have the thumb screw applied and the present painful taxation will become excruciating agony. ,

" We go blindly on, enjoying the luxury of living beyond our means. The bailiffs may not be far off. When we are seized for debt there will be no way of escape. Wehave to pay our rent, our interest, and for our food.

"At present the cost of livirtg is heavily mounting. Women are every clay becoming more concerned, to make the wage meet the cost of living. . The time must come when we face the black outlook of a homemade depression. For the last'depression no intelligent person could blame the Government of the day. For this coming one there will be righteous indignation against those visionaries who have discarded every safety signal and have led us all once more into the agony of depression. „'<'./■;•. "It is heartbreaking to contemplate the fact that the country is at present taxed to almost breaking point, that we are spending every penny of bur phenomenal income, that we are teaching the people to waste, and gulling them into the belief that there is'no need to be thrifty, no need to think of to-mor-row. ' Eat, drink and be merry' —the philosophy of political drunkards. And then at last will come that dreadful' Yet' when wages will fall, taxation will rise, and young men and women will be forced once more on to the. labour market to wait for something to turn up."